NEW DELHI-India has become the new economic icon of emerging powers and will be on track again for seven percent growth, Press Trust of India (PTI) reported Indian External Affairs Minister Salman Khurshid as saying on Sunday.
“India with its good legal structure, corporate governance, banking system, financial system and skilled manpower has become the new economic icon of emerging powers. Our development model has managed to deliver long term economicpay offs at much lower levels of investment,” Salman said.
He said although India’s economy has been slowed down like other emerging economies in the global downturn, the fundamentals of Indian economy remain strong.
“We were aiming at nine per cent and we had reached eight percent gross domestic product (GDP) growth before it fell to 5.8 per cent.
“But as our Finance Minister and Prime Minster have said, the growth will inch back to seven per cent over the next two years,” he said at a function organised by Aspen Institute India here.
The minister said that India and China have their respective strengths and both the countries try to replicate them at some moments.
“There are strengths that we have in India and strengths China has. We recognise each other’s strengths and I do believe that at certain moments we even try to replicate these strengths. But they will remain for a very long time the unique strength of our countries,” he said.
“People think of us as an alternative or competition to China, but our PM has said clearly that the world is large enough for both of us to be able to operate successfully, both in terms of politics and economics, Salman said.